The Controversy over 1841 Quarter Eagles, Part 2, Casual Collecting in the 1840s

http://www.coinweek.com/news/featur...eagles-part-2-casual-collecting-in-the-1840s/


News and Analysis regarding scarce coins, coin markets, and the coin collecting community #108

As this is the second in a three part series, in the next two paragraphs, I provide an introduction for those who have not read part 1 or do not clearly remember it. The point here in part 2 is to demonstrate that there are compelling logical reasons for Philadelphia Mint officials to have planned to strike twenty-five or more Proof 1841 Quarter Eagles, even though fewer than six Proofs were probably struck of each of all other Proof U.S. gold coin issues during the 1840s.

Quarter Eagles (U.S. $2½ gold coins) were minted from 1796 to 1929, and in every year from 1829 to 1915. They are about the size of dimes and are 90% gold or nearly so. For decades, there was nearly unanimous agreement that all 1841 Quarter Eagles were struck in Proof format. There were no business strikes. There is now an ongoing debate, which is of tremendous importance, even to collectors who cannot afford 1841 Quarter Eagles. The debate relates to the definition of a Proof and whether experts can agree on the Proof status of a large number of 19th century coins, including many that are not particularly expensive.

In Feb. 2012, the Professional Coin Grading Service (PCGS) announced that most known 1841 Quarter Eagles are really business strikes, not Proofs. The PCGS published a thirty seven-page report, The 1841 Quarter Eagle Revisited: A New Approach to a Classic Rarity. Moreover, PCGS mastermind David Hall determined that all but four 1841 Quarter Eagles are business strikes, “regular strikings.” David Akers agrees. Hall acknowledges, however, that experts are deeply divided over this issue.